Doug Walsh

Area Manager for BASF, Opinions Are My Own

[Doug Walsh @DougWalsh1]

Game changer for soybean production

[BASF Ag Solutions US @BASFAgProducts]

We know farmers have to use every tool at their disposal to combat SCN.

Introducing Nemasphere™ Nematode Resistance Trait: The first and only biotechnology trait, anticipated 2028. A generational breakthrough with a novel mode of action proven effective against SCN. 👏🏻

[BASF Ag Solutions US @BASFAgProducts]

Dr. Greg Tylka, @IowaStateU professor and nematologist: “While SCN numbers have remained static over the years, they aren’t decreasing.”

This #ScienceBehind2026, we’re excited to share a solution to come.

[BASF Ag Solutions US @BASFAgProducts]

“Soybeans are always going to be part of our vocation, and we have a huge passion for growing more. So finding something that can help us do that, and do it better as a farmer, is very important on a global scale.” - Iowa farmer, Michael Gallagher

[Shane Thomas @ShaneAgronomy]

FMC's board authorized exploring strategic options, including a full sale of the business.

Here's a look at numerous different avenues for the business:

FMC generated $3.47B in revenue in FY25 (down 18% YoY).

The market cap sits at ~$1.8B, but enterprise value is ~$5.8B once you account for ~$3.5B in net debt for the full company or about ~8.3x EV/EBITDA. So it could take $6B+ to acquire the business outright.

What a buyer would get:
FMC has some strong assets in its portfolio and it's already the world's ~5th largest crop protection company with a pipeline targeting $2B+ in new revenue by 2035, a biologicals segment and new AI product sales growing 54% YoY.

The challenges are surrounding some of the off patent product segments, like Rynaxypyr patents expiringand significant chunks of the portfolio facing Chinese generic pricing pressure.

The other problem: nearly every natural buyer is in the middle of their own restructuring.

- @BASFCorporation is carving out its ag division for a 2027 IPO. One of the most logical fitson paper — FMC fills gaps across fungicides, herbicides, and insecticides, and strengthens the standalone innovation narrative for the spin. But bolting on a major acquisition mid-carve-out creates integration complexity.

- @corteva won't complete its split until H2 2026. Portfolio complementarity is strong, and there's already a fluindapyr collaboration. But buying FMC mid-separation is a big ask. Could they stomach it?

- @SyngentaGroup has portfolio fit but $24.8B in net debt, a pending Hong Kong IPO, and near-certain review given Chinese state ownership. @Syngenta

- @Bayer is financially nearly impossible. ~€32.7B net debt, 61,000+ unresolved glyphosate claims (though getting closer to resolved), and a board with near-zero risk tolerance.

- Sumitomo Chemical is a dark horse. Their "Leap Beyond" strategy directs 80% of strategic spending to Agro & Life Solutions. FMC would make them a top-5 global CP player overnight, filling scale and geographic gaps in LatAm and North America.

- @UPLLtd has ~$2.6B net debt and the ongoing Advanta IPO process make taking on additional leverage unsustainable. They also announced a new structure for the crop protection segment. They could potentially participate in a piecemeal scenario, for example they may already be involved in FMC's India business sale (~$450M), but a full acquisition isn't realistic in their current financial state.

- Private equity has the fund sizes but FMC's negative FCF and regulatory complexity limit the typical LBO playbook.

The question goes beyond who should buy FMC strategically and really needs to focus on who's capable of it financially and can do something with it that FMC couldn't do on its own. That might mean accelerating the manufacturing restructuring, plugging the pipeline into a larger commercial engine, or absorbing the patent cliff with scale advantages.

If no buyer emerges for the full entity, a piecemeal breakup becomes possible.

Check out the full @UpstreamAg analysis with a downloadable acquirer overview and images.

[Carah Hart @BRNAgNews_Carah]

Dicamba resistant waterhemp has been confirmed in west-central Missouri. @brownfield

https://t.co/tqc7ey77s9

[Doug Walsh @DougWalsh1]

@kstateman14 These “fans” can let the door hit them on the way out. There is a program about 90 minutes East that would gladly take them. In fact, it’s probably a better spot for them.

[Creed Worthen @creedworthen]

Group 2 #Xitavo soybeans in southern Illinois looking great! Emergence has shown to be extremely beneficial with the wet conditions we've had all spring! @BASFAgProducts #Xitavo #BiggestJobOnEarth @DougWalsh1

[BASF Ag Solutions US @BASFAgProducts]

JOIN US for a webinar on the Endangered Species Act with Stanley Culpepper, Ph.D., Extension Weed Scientist with the @universityofga, covering details of the EPA’s Herbicide Strategy, ESA mitigation requirements and how you can prepare.

Register now: https://t.co/3d3lvHXXdu

[Doug Walsh @DougWalsh1]

@DScottFritchen Great article on a great kid who will wreak havoc on opposing QBs

[BASF Ag Solutions US @BASFAgProducts]

It's Soybean Cyst Nematode Action Month and we're raising SCN awareness with @TheSCNCoalition. Check out how ILEVO® Seed Treatment fights the #1 threat to soybean yield: https://t.co/yjfsHTUKhs ​

#SCNActionMonth #ILEVO #BASFinAg

[K-State Athletics @kstatesports]

.@KStateFB has 5 sacks on the season, so @BASF is donating $250 per sack🏈

#KStateFB x #SackHunger

[Greg Berge @GregBerge]

Ted Lasso isn’t just a coach; he’s a playbook on leadership.

His infectious positivity and authenticity are a winning formula for any coach.

He reminds us to stay curious, use humor to connect, and always be true to ourselves.

Here are 7 Leadership Lessons from Ted Lasso.

1: BRING POSITIVE ENERGY - Ted is incredibly positive and optimistic, even in adversity. He encourages his team to focus on their strengths and celebrate their successes, no matter how small. TL: "I do love a locker room. It smells like potential."

2: SHOW EMPATHY - Ted is empathetic and takes the time to get to know his players personally. It is all about RELATIONSHIPS with Ted. TL: "Your body is like day-old rice. If it ain't warmed up properly, something real bad could happen."

3: BE AUTHENTIC - Ted is authentic and genuine. He doesn't try to be anyone other than himself. He is honest with his players and colleagues, even when it is difficult. TL: "You know what the happiest animal on Earth is? It's a goldfish. Do you know why? It's got a 10-second memory."

4: USE HUMOR - Ted has a great sense of humor. He uses it to diffuse tension and bring his team together. He doesn't take himself too seriously and encourages his players to have fun and enjoy the game. TL: "It's kind of like back in the '80s when 'bad' meant 'good.'"

5: BE COLLABORATIVE - Ted believes in collaboration and teamwork. He encourages his players to work together. TL: "I promise you there is something worse out there than being sad, and that's being alone and being sad. Ain't no one in this room alone."

6: BE A CONNECTOR - Ted is a connector of people. He understands that a connected team is a winning team. TL: "If you care about someone, and you got a little love in your heart, there ain't nothing you can't get through together."

7: BE CURIOUS! - Ted does not know it all. He does not have all the answers. He does have ALL of the questions. But he is curious! TL: "I feel like we fell out of the lucky tree and hit every branch on the way down, ended up in a pool of cash and Sour Patch Kids."

_____

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[Doug Walsh @DougWalsh1]

Innovation remains undefeated. Exciting times ahead

[BASF Ag Solutions US @BASFAgProducts]

Introducing Nemasphere™, the most groundbreaking innovation in SCN management in over 60 years. The first and only biotechnology trait for SCN, on average it boosts yield potential by 8%. This impactful innovation is expected to be available in 2028. https://t.co/QHLzS90Lsb

[K-State Agronomy @KStateAgron]

Tar spot of corn was confirmed in several fields in Doniphan County. This report is about a month earlier than last season for Kansas. Check out the article to learn more about the concern for yield loss. https://t.co/6JwjA3sUDg #corn #kansas

[BASF Ag Solutions US @BASFAgProducts]

$1.5 billion in soybean yield. That’s how much SCN cost farmers each year. THEY MUST BE STOPPED! ILEVO® seed treatment from BASF can help. https://t.co/RoNCDvagpw

[Doug Walsh @DougWalsh1]

@P1Deason @KSUCanadaCat 776-5577

[Pam Smith @PamSmithDTN]

Do soybeans have personalities? BASF’s Marc Hoobler is talking all things soybeans at #BASFScienceBehind event in Houston. ⁦@BASFAgProducts⁩

[Doug Walsh @DougWalsh1]

Fascinating session with @BASFAgProducts seeing the Liberty performance difference over generics. #GetWhatYouSprayFor @TopProducerMag

[National Agricultural Law Center @nataglaw]

A federal court in #Arizona has vacated the registration of #dicamba for over-the-top use on dicamba-resistant #soybean and #cotton. The court concluded that @EPA failed to comply with FIFRA's notice-and-comment requirements. Read the court opinion here: https://t.co/PmjXGQieLB

[Doug Little @DBLitt2151]

@KsSoybean Congratulations Batchelder Farms dryland yield champion for the 2023 Kansas Soybean Yield Contest with 101.3 bushel-per-acre soybeans. Xitavo X03922E soybean seed, #SeedDoneRight, @BASFAgro